Bigger isn’t always better—and that certainly applies to the size of your home.
If you’re feeling like your home is too large or spacious, downsizing can be a great way to get into a home that’s a more manageable size. But downsizing isn’t always the answer, and before you make a move, it’s important to make sure it’s the right move for you—and that means digging deep and asking yourself some important questions.
A recent article from realtor.com outlined the key questions buyers should ask themselves before downsizing to a smaller home, including:
Does it make financial sense? When it comes to housing, smaller doesn’t necessarily mean more affordable. Sometimes, smaller properties have additional costs (for example, an HOA fee for a condo or townhome)—and if you don’t consider those costs, you may end up paying more for less space. Before you downsize in an attempt to save money, make sure that the property you’re considering will actually help you accomplish that goal.
What will I do with all my stuff? Your current home is big enough to store all of your stuff—but if you downsize to a smaller home, it may not be able to comfortably fit your belongings. Before you make the decision to downgrade, make sure you have a plan for what to do with any furniture or other belongings that won’t fit into your new space (for example, selling, donating, or renting a storage unit).
Am I ready to downsize? Even if it makes practical sense to downsize (for example, your kids recently left for college and you no longer need so much space), if you’re not emotionally prepared for the move, you’ll likely regret your decision. Before you downsize, make sure to ask yourself whether you’re really ready to make the move.
The Takeaway:
Bottom line? Downsizing to a smaller property is a big decision—and it’s important to ask yourself the right questions to determine whether it’s the right decision for you.
Need more information?
THINGS TO CONSIDER BEFORE DOWNSIZING YOUR HOME
Expert advice from a real estate professional about getting the most out of your largest asset.
Avoid making mistakes that many don’t even realize they’re making until it’s too late.
HERE’S A PEEK AT WHAT’S INSIDE:
-Why downsizing is the “cool thing to do” to more people than just retirees and empty nesters.
-Three professionals you should speak with (besides a real estate agent) before you decide to downsize.
-Tips on how to time the sale of your house with the purchase, rental, or move-in date of where you want to move to.
-Things to consider if someone in your family wants to buy your house.
-Thoughts on whether you should do any updating, renovations, or repairs before selling…or not.
-Bonus: A series of follow-up emails with more thoughtful tips, hints, and resources, only available if you have downloaded the booklet.
AND SO MUCH MORE…
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